Global CPA Report June‌ 25, 2014
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Top Stories
Revenue recognition conversion requires new disclosures
A wide assortment of new disclosures is expected to be one of the biggest challenges for financial statement preparers as they implement new revenue recognition guidance issued last month by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board.
Journal of Accountancy
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Small hideaways thrive amid crackdown on corruption, tax evasion, fraud
Small countries far away from the U.S. and Europe, such as the Seychelles, Singapore, and the United Arab Emirates, are rising financial havens for corruption, tax evasion, and money laundering as traditional hideaways are feeling pressure from new laws passed in the U.S. and the U.K. and efforts by the Organisation for Economic Co-operation and Development.
International Consortium of Investigative Journalists
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Accountants must adapt to respond to structural changes
New technologies and global outsourcing are lowering the cost of bookkeeping and tax compliance. In response to the price pressures, accountants must switch to higher-value services.
InTheBlack
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Americas
What CPAs need to know about US taxpayers' foreign financial assets
When the U.S. Foreign Account Tax Compliance Act, or FATCA, takes effect July 1, CPAs need to know what their clients must do to comply with foreign reporting rules. And just in time, the U.S. Internal Revenue Service rolled out changes to its offshore account amnesty programs.
Tax Insider | Journal of Accountancy
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The next debate: Taxation of digital goods and services
With state governments looking for ways to increase revenue, a natural source may be the burgeoning area of digital goods and services. How they apply their sales and use tax provisions will be critical to determine the taxability of these digital goods and services.
The Tax Adviser
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What's your fraud IQ?
CPAs need to be able to ask the right questions and gather crucial information from conversations. Are your interviewing skills up to par? Find out in our Fraud IQ quiz.
Journal of Accountancy
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6 key developments for not-for-profits' CPAs
Find out the challenges CPAs face as new accounting standards are under development for not-for-profits and their clients deal with new demands for transparency as the economy and donors recover from the financial crisis.
Journal of Accountancy
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Mexico says no to higher tobacco taxes
Tax-News
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International forum aims for cohesion in corporate reporting
Journal of Accountancy
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IRS is watching US taxpayers living in Canada
Montreal Gazette
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Asia
Foreign internships in Japan rife with labor law abuses
Foreign interns in Japan are frequently exploited at apparel and food factories, on farms, and in metal-working shops endemic with labor abuses. They are seen as cheap labor in a country where workers are in short supply and talk of immigration is taboo.
Reuters
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6 basics to know before you expand your business into China
China remains attractive for many companies looking to expand into an emerging market, but it also poses challenges. Learn six basic lessons from companies doing business in China.
Forbes
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India considers changing transaction tax on stock and securities trades
Economic Times
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London becomes clearing hub for Chinese currency
BBC
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Australia/Oceania
PwC Australia bullish on cloud initiatives
PwC plans to move 95% of its Australian business’s IT applications to public or private clouds. Find out how the global professional services provider expects to benefit from the move.
ZDNet
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Europe
Record EU antitrust fine upheld against Intel
An appeals court bolstered the European Union’s power to hold large multinational tech companies accountable to consumers. The court upheld a $1.44 billion antitrust fine against computer chip giant Intel, which was found guilty of anti-competitive behavior five years ago.
Financial Review
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Why Swiss watchmaking thrives at a time of digital innovation
Some traditional technologies, such as Swiss mechanical watches, are back in demand despite pressure from low-cost emerging countries and technological innovation. Find out why.
The Economist
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Top BNP executive to step down
Reuters
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AICPA News
Doing Business in China conference
The AICPA Doing Business in China Conference on July 17 and 18 in San Francisco will provide strategic thinking, expert insights, and practical solutions for doing business in China. It will feature a full agenda of sessions to provide the latest on business trends evolving in China.
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Voices of Fraud
The June 26 audio webcast “Voices of Fraud” explores the red flags, motives and opportunities used by white collar criminals and looks into the case of a former fraudster who was involved in a scheme to skim and overinflate his company's sales to avoid income taxes, inflate stock prices, and otherwise benefit himself and the family that ran the business.
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AICPA Resources
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Global CPA Report
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The American Institute of CPAs is the world's largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.

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